Armenian insurers' GWP reached AMD 41 billion (EUR 74 million) in 2018, according to data provided by ArmInfo. Denominated in local currency, the market's growth seems lower than in euro due to the Armenian dram appreciation (17.36% vs 22.97% in euro).

In local currency all main insurance classes recorded growth, except for the cargo insurance (-7.23%). The most impressive growth rates were demonstrated by accidents insurance (53.27%) and health insurance (50.37%). The leader of health insurance is INGO Armenia (its GWP in the class amounted to AMD 3.2 billion). Property insurance also saw quite good growth, especially other damages to property (40.86%).

The biggest share of GWP was generated traditionally by MTPL, but a little bit lower y-o-y (48.82% vs 54.41% a year ago), annual growth accelerated from 4.4% to 5.3%. The leader of MTPL is still ROSGOSSTRAKH Armenia (its GWP in the class amounted to AMD 5.5 billion). The second place in terms of the market share was taken by health insurance (26%), which is growing thanks to introduction of the compulsory health insurance in 2017.

The market paid claims in 2018 amounted to AMD 22.8 billion (EUR 41 million), with annual growth by 28.37%. Among the main insurance classes, the biggest growth of paid claims was recorded in accidents insurance (109.75%), and the only class, where paid claims decreased, was cargo insurance (-38.79%).

According to the Armenian Bureau of motor insurers, MTPL loss ratio in 2018 reached 72% (vs 65% a year ago). The loss ratio also went up in health insurance - up to 67% (vs 55.8%), in Motor Hull - up to 75.7% (vs 67.4%), in other damages to property - from 14.5% to 16%, and in financial risks - from 20.9% to 23.2%.

Total net profit of the Armenian insurers in 2018 decreased by 67.6% (vs annual decrease by 58% in 2017) and amounted to AMD 226.3 million. 1st place in terms of net profit volume in 2018 was taken by INGO Armenia (AMD 232.7 million, - 53.6% y-o-y), 2nd is ARMENIA Insurance (AMD 203.3 million, - 6.5%), and 3rd is NAIRI Insurance (AMD 176 million).

In terms of GWP the three leaders, if compared to the Q32018, are still the same: the ranking is headed by ROSGOSSTRAKH Armenia (~AMD 11.6 billion), followed by INGO Armenia (AMD 10.5 billion) and NAIRI Insurance (AMD 8.25 billion).